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following the likes of blackstone. olivia: what do you think about that price tag for cushman wakefield? everybody is saying commercial real estate might be near the top. jeff: it feels a little frothy. maybe it is on the high end of what real estate companies should go for. i think we just do not know if it is at the top. we will find out later this year if they ipo something at the end of the year. erik: how long before we find out whether monsanto is going to raise? jeff: in the next two weeks. a $45 billion deal. erik: not deal yet. jeff: i should clarify. the response was pretty friendly. they did not say no in such a way that would push monsanto to just go away completely. run year, monsanto made a at syngenta. the feeling is this time around they are receptive. mccracken.f we call it merger monday for the sake of it. today actually is merger monday. jeff: it seems like we are reporting on mergers -- erik: it seems that we are mergers -- reporting on mergers every day. coming up, what are the financial pros readi
following the likes of blackstone. olivia: what do you think about that price tag for cushman wakefield? everybody is saying commercial real estate might be near the top. jeff: it feels a little frothy. maybe it is on the high end of what real estate companies should go for. i think we just do not know if it is at the top. we will find out later this year if they ipo something at the end of the year. erik: how long before we find out whether monsanto is going to raise? jeff: in the next two...
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May 22, 2015
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groupser of blackstone capital partners is leaving. o in gserberg was the oh. he is leaving to start a family office. asked on the bottom the company in 2008 -- blackstone bought the company in 2008. a company is going up for intion, it was discovered 2012 and the long hidden art trove sorted by a german collector. he died last year and the painting is among the first from his collection to be released to the heirs of its rightful owners. it will be auctioned off in london next month, sotheby's estimates the painting could fetch $850,000. betty: germany may be prepared for the worst when it comes to greece, the finance minister raised the possibility of a federal currency for greece if fail.to creditors as germans brace for a worst-case scenario any greece financial crisis. a summit failed to produce the deal today andy german chancellor said greece must do more to get the next round of bailout funds. >> i will have some bilateral talks and have already spoken last night with the french president and greek prime minister. it was a friendly, constructive exchang
groupser of blackstone capital partners is leaving. o in gserberg was the oh. he is leaving to start a family office. asked on the bottom the company in 2008 -- blackstone bought the company in 2008. a company is going up for intion, it was discovered 2012 and the long hidden art trove sorted by a german collector. he died last year and the painting is among the first from his collection to be released to the heirs of its rightful owners. it will be auctioned off in london next month, sotheby's...
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May 29, 2015
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we have some market commentary out from blackstone. they estimate that the fed has contributed $3 trillion in the stock market. sam: if you go back over 60 years and look at the monthly meeting differential between core inflation meant and fund rates, we should be above 3%. right now. tracy: number three has to bring all things asia. i am going to run them down a. we had the yen dropping. we had the weakness. we had a wild ride for chinese stock. they are down again today. at one point they were up 4%. we've got massive asia volatility. sam: i think with the prospect of higher interest rates, that is making the emerging markets more competitive. they are shrinking. also take a look at the baltic dry index, down 60% over the past six months. there is no economic growth anywhere. erik: do you have as much faith in the baltic dry as you used to? stephanie: it used to be hot. it used to be all anyone cared about. sam: it's been saying that there is a diversion since the fourth quarter of last year. nothing has really happened. erik: is the
we have some market commentary out from blackstone. they estimate that the fed has contributed $3 trillion in the stock market. sam: if you go back over 60 years and look at the monthly meeting differential between core inflation meant and fund rates, we should be above 3%. right now. tracy: number three has to bring all things asia. i am going to run them down a. we had the yen dropping. we had the weakness. we had a wild ride for chinese stock. they are down again today. at one point they...
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May 29, 2015
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blackstone and city view our property company started by the clinton administration housing official, who bought the land in january. they hope to start construction by the end of the year. they call for as many as 435 new rental apartments. terror are rising today. the new york post reporting that intel posted a deal to buy the chipmaker. last month bloomberg reported that they had rejected an altar offer from intel. that's the biggest technology deal of all time. aboutplenty of questions dennis hastert being charged in a hush money scheme. he agreed to pay the 13 $.5 million to cover up past misconduct. they say he broke banking rules to do it. it does not say who the other party was, or the alleged misconduct. it has been driven more than one million miles and gone through three engines. it transported celebrities such as jackie onassis and muhammadan ali, and countless new yorkers. last checkered cap in new york city is up for auction. it was officially decommissioned in 1999, later sold for $134,000 but the auction company does not expect that kind of price this time around. they
blackstone and city view our property company started by the clinton administration housing official, who bought the land in january. they hope to start construction by the end of the year. they call for as many as 435 new rental apartments. terror are rising today. the new york post reporting that intel posted a deal to buy the chipmaker. last month bloomberg reported that they had rejected an altar offer from intel. that's the biggest technology deal of all time. aboutplenty of questions...
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May 28, 2015
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he's the cofounder of the equity firm,te blackstone group comments is the technology sector has so much amazing value creation. those are your top stories. we were just speaking about today's european summit with thence ministers discussing greek debt crisis. nouriel roubini a -- nouriel roubini is there and we ask what the best ideas to emerge from the summit were thus far. situatione are in a that is the new mediocre. it is anemic and you have to work along many parallel lines. countries have to do structural reform to increase productivity and potential growth. but in most advanced economy, there's a slack in the labor market and a lack of aggregate demand. there is a debate ongoing any policy community about whether that should be occurring mostly through monetary policy and it has become unconventional like negative rates or whether there is room for fiscal policy. the pace ofbe fiscal consolidation was loaded. >> where are we on greece? they are closer to a deal with the imf. what's the conversation in the hallways like in dresden? how close is greece to striking a deal? the greek
he's the cofounder of the equity firm,te blackstone group comments is the technology sector has so much amazing value creation. those are your top stories. we were just speaking about today's european summit with thence ministers discussing greek debt crisis. nouriel roubini a -- nouriel roubini is there and we ask what the best ideas to emerge from the summit were thus far. situatione are in a that is the new mediocre. it is anemic and you have to work along many parallel lines. countries have...
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May 28, 2015
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he is doing just fine as the cofounder of the world's largest private equity firm blackstone. hotthose are your latest stories. coming up in the next half hour of the bloomberg market day -- pandora turning 10 years old this year. we will hear from its founder, technologies. we will take you inside the biggest technology deal ever. and gamestop is expected to announce earnings after the close. the battle for your wrist is going right to the court. awbone is suing its rival fitbit, accusing the company of plundering employees and making off with critical secrets. jawbone this left year. they took confidential information about the business. fitbit denies the accusation and is fighting back in court. guest who has advised companies in similar situations before. he is now the founder of a company in silicon valley, a talent strategies advisory firm and our bloomberg view columnist katie -- that is very cool, katie, because i read you all the time. thanks for being here. katie: thank you. state, you have experienced these losses before. what are they really about? guest: if there
he is doing just fine as the cofounder of the world's largest private equity firm blackstone. hotthose are your latest stories. coming up in the next half hour of the bloomberg market day -- pandora turning 10 years old this year. we will hear from its founder, technologies. we will take you inside the biggest technology deal ever. and gamestop is expected to announce earnings after the close. the battle for your wrist is going right to the court. awbone is suing its rival fitbit, accusing the...
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May 29, 2015
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blackstone group is looking to benefit from san francisco's skyhigh housing prices that have resulted from the bay area's technology boom. it is working with a partner to develop a $115 million residential and retail project in nearby oakland. blackstone and city view our property companies started by clinton administration housing official henry cisneros. they hope to start construction by the end of the year. plans call for 35 rental apartments and 24,000 square feet of retail space. the former home of the late pop music superstar michael jackson is up for sale. it is yours for $100 million. the 2700 acre estate once known as neverland ranch is located 130 miles northwest of los angeles. jackson bought the property in 1988 and turned it into a combination of amusement park and a zoo. he stopped listening after it was searched by police investigate allegations of child molestation. jackson died in 2009 at the age of 50. the u.s. national transportation safety board is investigating the crash of a prototype of a solar powered drone. that google plans to build. it was destroyed in a cr
blackstone group is looking to benefit from san francisco's skyhigh housing prices that have resulted from the bay area's technology boom. it is working with a partner to develop a $115 million residential and retail project in nearby oakland. blackstone and city view our property companies started by clinton administration housing official henry cisneros. they hope to start construction by the end of the year. plans call for 35 rental apartments and 24,000 square feet of retail space. the...
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advice from the blackstone group? mark: what does the largest u.s. carrier hope to get out of the deal? etty: finn janice capital. why he didn't retire, go way to the beach. you will have a preview of an exclusive interview. government bonds sold off continuing this decline. many investors are wondering, purchasing a tantrum beginning of a bear market in bonds. thet down with vice-chairman of blackstone group night asked in that question. byron: i think it is going up, i saw that for long time. there is a lot of liquidity out there, looking for a safe place to park. i think that is why you see yields in europe lower thin yields here. that is incredible to me. there isn't a european balance sheet except in germany that is at all like ours. they are really expensive. interest rate are negative. , higher yields. betty: the fact that we are seeing this selloff, does this competition the situation for central banks? harder for the fed to raise interest rates, for the ecb to exit qe? byron: what makes it hard for the federal reserve is the economy is doing
advice from the blackstone group? mark: what does the largest u.s. carrier hope to get out of the deal? etty: finn janice capital. why he didn't retire, go way to the beach. you will have a preview of an exclusive interview. government bonds sold off continuing this decline. many investors are wondering, purchasing a tantrum beginning of a bear market in bonds. thet down with vice-chairman of blackstone group night asked in that question. byron: i think it is going up, i saw that for long time....
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the blackstone group's vice-chairman sat down with betty liu and she asked him whether equities are being set up. >> i think we are long overdue. we have not had once his 2012 and i think we could have one now. some of theonvert investor optimism to pessimism, and at least concern, and set up a platform for the markets to do better later next year. >> for we are not overvalued, why do we need a correction? >> sentiment plays a big role in stocks. when everyone is optimistic and everyone has bought all the stocks they want to buy, who is left to buy? >> maybe there is a reason it is trading at this level and essentially right where the economy is at right now. classic you asked me how i would i would say market, fairly valued, not overvalued or undervalued. on the other hand, the prospect is for earnings to improve, maybe not this year, but certainly beyond that. look at it from an earnings yield point. sellingearns 120, around 2000, that is an earnings yield of five point 5% to compare that to a 2% treasury. preferred asset >>. >> the question is just because stocks are attractive fundame
the blackstone group's vice-chairman sat down with betty liu and she asked him whether equities are being set up. >> i think we are long overdue. we have not had once his 2012 and i think we could have one now. some of theonvert investor optimism to pessimism, and at least concern, and set up a platform for the markets to do better later next year. >> for we are not overvalued, why do we need a correction? >> sentiment plays a big role in stocks. when everyone is optimistic...
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pimm: steve schwarzman and the billionaire chief executive -- executive of blackstone group has made big investments in the market and paid off well. now he is giving back, $150 million to his alma mater in jail. he spoke with erik schatzker and stephanie ruhle about the need for philanthropy. >> i have looked at giving substantial money to yale over time. that people in life tend to find me now. this is not a surprise. they approach me with a few alternatives of things that might be of interest and this one particularly was of interest to me. stephanie: isn't that the challenge? people find you. you are one of the most accessible people in the financial industry, especially in new york. you must get calls every single day from universities, where the causes, medical research. how do you decide where to put the money? great question because it is not exclusive to me but the people who are sort of in my genuine situation. we do get calls like that. all the time. it's very difficult to figure out which one of the many, many worthy things you support. haveo every buddy needs to -- every
pimm: steve schwarzman and the billionaire chief executive -- executive of blackstone group has made big investments in the market and paid off well. now he is giving back, $150 million to his alma mater in jail. he spoke with erik schatzker and stephanie ruhle about the need for philanthropy. >> i have looked at giving substantial money to yale over time. that people in life tend to find me now. this is not a surprise. they approach me with a few alternatives of things that might be of...
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blackstone shares their production for this year and beyond. stocks, bonds, and much, much more. ♪ betty: it is 10:00 p.m. and san francisco, 1 p.m. in new york. verizon has agreed to buy aol in deal valued at 4.4 billion. this could help them make more money from multiple video. mark: myron weiner looks into his crystal ball and tells us about 10 things to watch in 2016. gross is given about $700 million so far. we will hear more about his philanthropic efforts and his definition of success. good afternoon, i am betty liu, here with mark crumpton. welcome to the bloomberg market day. let's start with a look at what is moving the markets up on this tuesday. let's start with a
blackstone shares their production for this year and beyond. stocks, bonds, and much, much more. ♪ betty: it is 10:00 p.m. and san francisco, 1 p.m. in new york. verizon has agreed to buy aol in deal valued at 4.4 billion. this could help them make more money from multiple video. mark: myron weiner looks into his crystal ball and tells us about 10 things to watch in 2016. gross is given about $700 million so far. we will hear more about his philanthropic efforts and his definition of success....
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blackstone and city view, started by a clinton housing official, bought the land in january. plans call for as many as 435 new rental apartments and 24,000 square feet of retail space. the u.s. national transportation safety board is investigating the crash of a prototype of a solar drone google plans to build. it was destroyed in a crash at the new mexico test site on may 1. the crash was a setback for google plans to use drones as a platform for delivering internet service for the sky. for the first time in more than two decades, chevrolet will build the camaro in the u.s. the company is moving reduction from canada to lansing, michigan. the plant will add 500 jobs. those are your top headlines. coming up in the next half hour, we have, live from new york, a saturday night live museum. it will display carefully curated history. oil jumping the most in weeks as a drop in stockpile could signal the supply glut is easing. details atng you the the commodities close. and watch out, facebook. google is jumping into virtual reality with a cheaper alternative to oculus rift. that a
blackstone and city view, started by a clinton housing official, bought the land in january. plans call for as many as 435 new rental apartments and 24,000 square feet of retail space. the u.s. national transportation safety board is investigating the crash of a prototype of a solar drone google plans to build. it was destroyed in a crash at the new mexico test site on may 1. the crash was a setback for google plans to use drones as a platform for delivering internet service for the sky. for...
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jason: we have heard that to be the case to what we've heard from blackstone and others, they are courting them similarly. have aing them in and nice dinner and then gather them together and it's not a hard pitch. in tore bringing them their impressive offices, hearing from economists, hearing from dealmakers around the world. that's often how they convince these guys to become partners with them. there is a level of trust. out: the story is kkr rolls petraeus. it is on bloomberg.com. jason, thank you so much. we appreciate it. coming up, more on charters deal uy time warner cable. ♪ mark: it is 11:00 a.m. in san francisco, 2:00 p.m. in new york. scarlet: this is the bloomberg market day. mark: charter communications hopes its $55 billion bid for time warner cable will finally seal the deal on a merger that has been years in the making. charter's ceo spoke to bloomberg. scarlet: that doesn't mean motorists -- how the state wants to try out a new safer mile tax. greece'sghing in on never-ending debt negotiations. his take on situational surprising. -- the situation will surprise you. good
jason: we have heard that to be the case to what we've heard from blackstone and others, they are courting them similarly. have aing them in and nice dinner and then gather them together and it's not a hard pitch. in tore bringing them their impressive offices, hearing from economists, hearing from dealmakers around the world. that's often how they convince these guys to become partners with them. there is a level of trust. out: the story is kkr rolls petraeus. it is on bloomberg.com. jason,...
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a secondary offering by the blackstone group. the hilton chain will not get pro-steeds. holds 65%meanwhile and 16% of its shares are in this. >> new york's governor wants to help nail salon workers. andrew cuomo helping to protect them from hazards and wage theft. this comes after an investigation of the agency. those are your latest top stories. a new poll out from bloomberg picture giving a clear of hillary clinton and how she is stacking up in the presidential race. joins meing editor now. thumbs up or down for hillary? the outfits you have on today. very patriotic. i feel he get's the fourth of july. you look very nice. , surprisinglyine fine, in terms of, she was off from a really tough time. a lot of scrutiny and criticism for the practices in her e-mail and the foundation and yet, the poll is up in new hampshire. there are some warning signs but mostly, she is still in a star position with democrats that she has been in with the fall. >> there is a distinction between her base and the general election. troop here the first thing you have to do is win the nominatio
a secondary offering by the blackstone group. the hilton chain will not get pro-steeds. holds 65%meanwhile and 16% of its shares are in this. >> new york's governor wants to help nail salon workers. andrew cuomo helping to protect them from hazards and wage theft. this comes after an investigation of the agency. those are your latest top stories. a new poll out from bloomberg picture giving a clear of hillary clinton and how she is stacking up in the presidential race. joins meing editor...
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May 11, 2015
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blackstone controls 51% of up standing -- of outstanding shares. now,stock is down right one of the most actively traded on the market. are blamed00 deaths on faulty general motors ignition switches, three more than the total confirmed just last week. the attorney overseeing the compensation funds will get payments. awards are planned for 184 people who were hurt. " sequel keepsgers overpowering the competition. now -- it has now taken in more than $300 million here and another $875 million worldwide. on tuesday, it opens in china. those are your top headlines this morning. mark: coming up in the next half-hour -- betty: president obama wants to invest in global market shares. from brian chesky from airbnb. mark: shares soaring today after a big investment from ali baba. we will look at what is in it for jack ma. betty: and john kerry will meet flood of your purchase -- will be vladimir putin for the first time in two years. president obama is honoring entrepreneurs at the white house . they have been working to help startups in the u.s. but tackli
blackstone controls 51% of up standing -- of outstanding shares. now,stock is down right one of the most actively traded on the market. are blamed00 deaths on faulty general motors ignition switches, three more than the total confirmed just last week. the attorney overseeing the compensation funds will get payments. awards are planned for 184 people who were hurt. " sequel keepsgers overpowering the competition. now -- it has now taken in more than $300 million here and another $875...
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May 12, 2015
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blackstone ceo, steve switchman. -- steve schwarzman. erik: tom brady. the quarterback will have to stay home. we will be talking about the suspension. ♪ erik: tom brady will miss the first four games of the season and $2 million of his base salary. new england is getting to five -- getting find million dollars. has the league fumbled another delicate situation or was this just? codirector of the university sports society program, lee what is the best way to frame this? new england cutting corners or cheating? >> whether or not they were cheating or just coming quarters, there is a lot being talked about what is and what is not in this report. i do not think it is a legal discussion and that is a lot of talk. this is not a question of legality. is a question of morality. it is now really a question of nfl and disciplinary policy and the disciplinary process. stephanie: if it is not legal -- not illegal then is it just, do the right thing or not? erik: there is some of that. really, you have got to read through the report. a lot of mass in there, greek
blackstone ceo, steve switchman. -- steve schwarzman. erik: tom brady. the quarterback will have to stay home. we will be talking about the suspension. ♪ erik: tom brady will miss the first four games of the season and $2 million of his base salary. new england is getting to five -- getting find million dollars. has the league fumbled another delicate situation or was this just? codirector of the university sports society program, lee what is the best way to frame this? new england cutting...
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May 13, 2015
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private equity funds, big guys like they and capital and -- bain capital and blackstone will make the deals. marshall, -- marshall: those are few and far between you have to be willing to make a bet on energy prices. most private equity firms accountable making bets on things that are not quite that macro. it is a big bet. i would not be surprised if that is also a strategic gain more than a financial gain. scarlet: if we take a broader look, we had $1.9 trillion of deals announced. where are we in the cycle, the third inning, the eighth inning? marshall: we are above the third inning in terms of numbers. it was notrisis quite $4 trillion. now, to the first half of this year, we're trending back. look, this is a product of the very rich equity market and strategic's looking to dissipate as sometimes plain deep -- participate and sometimes playing defense. i'd nothing will go on forever. i think it will shift at some point. alix: what kills it? the fed raising rates? jeff: that would be one thing, but the antitrust environment. comcast was not able to get the deal done, odds are charte
private equity funds, big guys like they and capital and -- bain capital and blackstone will make the deals. marshall, -- marshall: those are few and far between you have to be willing to make a bet on energy prices. most private equity firms accountable making bets on things that are not quite that macro. it is a big bet. i would not be surprised if that is also a strategic gain more than a financial gain. scarlet: if we take a broader look, we had $1.9 trillion of deals announced. where are...
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May 28, 2015
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he is the head of the blackstone group, and he has said that the tech sector has "so much amazing value." that is a look at the top stories in this hour. coming up in the next 30 minutes, we will have the latest in the greek bailout talks, and then the japanese yen falls to a 12 year low against the u.s. dollar. we will take a close look at how this affects some of japan's biggest companies. and more than 400 new tv shows debut this year. we are going to tell you why the market is getting flooded with so many shows with viewers who do not have enough time to watch them. and this one is my all time fave, call it the second coming dick fuld, this is his first speech since lehman brothers lehmanollapse -- brothers's collapse. o your company? ask our friend from washington, a former member of the financial crisis inquiry commission, who on many occasions, interviewed mr. fuld. firms indicates why some thrive while others fail. i am not saying that dick fuld is making a comeback, but what do you make of it? guest: if i were an investor, at least i would ask some questions. itselfbrothers des
he is the head of the blackstone group, and he has said that the tech sector has "so much amazing value." that is a look at the top stories in this hour. coming up in the next 30 minutes, we will have the latest in the greek bailout talks, and then the japanese yen falls to a 12 year low against the u.s. dollar. we will take a close look at how this affects some of japan's biggest companies. and more than 400 new tv shows debut this year. we are going to tell you why the market is...
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earlier here on bloomberg tv, the chairman of the blackstone group talked about the european central bank stimulus program on the impact of bond yields. >> it means you had relatively fragile markets a giant buyer called the ecb. they were busy buying. that drives yields to unrealistically low levels. the idea that you pay somebody -- asst who issues a bond a buyer of the bonds, that is actually sort of almost completely unprecedented. isvia: meanwhile the deadly a test build the league about interest rate hikes. in zurich, he says it will signal a rocky regime shift for the market. closing arguments today on whether the man who shot president reagan may live outside of a mental hospital. for about a year, john hinckley has been living more than half a month at his mother's home in virginia. lawyers say if he is a leather to live full time he should wear monitoring devices. u.s. callow ranges are in a position that they have not been in a must a decade. they are increasing the sides of their herds. prices for cattle and beef stored the cousin a shortage in 2014. for the first time in
earlier here on bloomberg tv, the chairman of the blackstone group talked about the european central bank stimulus program on the impact of bond yields. >> it means you had relatively fragile markets a giant buyer called the ecb. they were busy buying. that drives yields to unrealistically low levels. the idea that you pay somebody -- asst who issues a bond a buyer of the bonds, that is actually sort of almost completely unprecedented. isvia: meanwhile the deadly a test build the league...
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May 26, 2015
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we spoke with blackstone. all of them have these very sophisticated efforts to do that. part of the reason is that pension funds, the biggest source of funds for private equity over time, they are still investing heavily but as we shift from defined benefit to defined contribution the pools are stabilizing if not drinking. they need new sources of capital. stephanie: does that mean we are not that many years away from jay-z sporting possible clients? if you are going to bring in influence, people are saying, i will give you money if donald per trace comes to a meeting? >> they want to be in the room with smart people who can talk about the global economy. one thing we heard from family offices that have been to the meeting is really, it is a soft sell and they really want to be around smart people and eventually maybe they get some money down the line. erik: thank you. stephanie: when we return ryanair's ceo, finding out that being cheap and cheerful is good for business. michael o'leary joins us next. ♪ stephanie: charter hopes to succeed were comcast does not. it has
we spoke with blackstone. all of them have these very sophisticated efforts to do that. part of the reason is that pension funds, the biggest source of funds for private equity over time, they are still investing heavily but as we shift from defined benefit to defined contribution the pools are stabilizing if not drinking. they need new sources of capital. stephanie: does that mean we are not that many years away from jay-z sporting possible clients? if you are going to bring in influence,...
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yes, it has not lately been as successful as blackstone but it manages more than $200 billion and at least on paper, michael cavanaugh had a shot at ceo. stephanie: again, on paper. it's not as if he is taking a job for chump change. this is a big job at comcast. erik: he hardly got his id badge working. stephanie: it makes me think maybe they gave him an offer he cannot refuse. ptom: the roberts family owns the control stock that clearly, they want to dive into the operations of a global multi-business media company that is very aggressive. there are great operators running the cable business and the media business. if you are the cfo of comcast you are a strategic you maker and that's what they historically had in mind. stephanie: maybe he could not find a lunch buddy at carlisle. tom: it recalls the growth questions at the carlyle group. comcast is trying to capitalize and growth strategies. where the carlisle founders are thinking about the future is a good question. michael cavanaugh may have given us an adjusting answer. erik: what's on the table? could the three of them stay f
yes, it has not lately been as successful as blackstone but it manages more than $200 billion and at least on paper, michael cavanaugh had a shot at ceo. stephanie: again, on paper. it's not as if he is taking a job for chump change. this is a big job at comcast. erik: he hardly got his id badge working. stephanie: it makes me think maybe they gave him an offer he cannot refuse. ptom: the roberts family owns the control stock that clearly, they want to dive into the operations of a global...